Once you secure your sponsorship, you can then take the top-off exam for the Series 6 license. Most candidates will choose to take the SIE before the Series 6, but it is also possible to take it after.
The exam has 50 questions broken down into four functions:. Series 6 licensing exam prep can really give you the edge you need to pass. For individuals to sell other types of securities, i. It is important to understand that the passing of a Series 6 test will only authorize the candidate to make the above transactions or they could be penalized by the Financial Industry Regulatory Authority, or FINRA.
Guidelines ensuring that agents adhere to Series 6 policies are the responsibility of the individuals as well as the brokerage firms for which they work. For example, although undergoing and passing Series 6 testing allows the broker to discuss and offer closed-end security fund options at the initial phase, other discussion and advice concerning the sell or holding of such securities is forbidden.
This is mainly because there are no clear regulations for brokers to reveal their license credentials to customers. However, this critical point is being more rigorously debated and considered because of the sheer numbers of traders entering the markets and well-publicized cases of fraud. A recent report has also revealed that those who fail license examinations more than once are more apt to commit errors or trading crimes.
Disciplinary actions are occasionally doled out by FINRA Conducting securities transactions outside the bounds of the Series 6 registration can result in being barred from further association with any FINRA member firm. Financial Industry Regulatory Authority. Finra Exams. Financial Advisor Careers. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
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We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Table of Contents Expand. Series 6 vs. Series 7 Overview. Series 6 Exam. Series 6 Special Considerations. Series 7 Exam. Series 7 Special Considerations. The Bottom Line. Series 6 Exam vs. It depends on the license. You should consult with your firm before deciding whether you need a license or not.
Like all other securities qualification exams, the Series 6 exam is administered by computer at a Prometric testing center. The Series 6 exam topics include mutual funds, variable annuities, securities and tax regulations, retirement plans, and insurance products. The focus of the exam is the day-to-day activities, responsibilities, and job functions related to selling and purchasing these products.
The exam consists of 50 multiple-choice questions, and each question has four answer choices. There are also five additional unidentified and unscored pretest questions that do not contribute to your score that are randomly distributed throughout the exam. The Series 6 top-off exam expects candidates to be able to apply their knowledge to specific scenarios. The questions are detailed and related to the day-to-day activities, responsibilities, and job functions of limited representatives.
Therefore, candidates should expect it to be challenging but quite passable with dedicated and focused preparation. Because the Series 6 top-off exam just went live in October , a pass rate has not been announced. Candidates who do not pass the top-off exam must wait 30 days before taking it again. However, if you fail it three times in succession, you must wait days.
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